Saudi Arabia's SABIC looking at opportunities in the UK – CEO

21 September 2011 15:16  [Source: ICIS news]

LONDON (ICIS)--Saudi major SABIC is exploring opportunities for growth in the UK, vice-chairman and CEO Mohamed al-Mady said on Wednesday.

He was speaking during a visit by a UK delegation headed by Lord Green of Hurstpierpoint, the minister of state for trade and investment, to SABIC’s headquarters in Riyadh, Saudi Arabia.

Al-Mady said the company is looking at opportunities involving SABIC and UK companies, as the group pursues new ventures for investments and focuses on its technology and innovation efforts.

SABIC boosted its presence in the UK through its acquisition of Huntsman’s European base chemicals and polymers business for $700m (€511m) in 2006.

“We work diligently to improve the business environment through simplifying the planning and development of new infrastructure processes and by maintaining a stable and clear organisation,” Al-Mady said.

“We believe that opportunities will be available in the UK, a world leader in manufacturing, technology, research and development, in addition to biosciences and creative industries, which are receiving support from the widespread existing UK services sector,” he added.

($1 = €0.73)

By: Franco Capaldo
+44 (0)20 8652 3214

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